Corn, soybean prices to dip Thursday
On Thursday, the CME Group's corn, soybean, and wheat markets lean lower.
The early calls for the commodities on Thursday, July 18, 2013, are mixed. Corn is seen opening 4 to 6 cents lower, soybeans 5 to 7 cents lower, and wheat 1 to 2 cents higher.
In overnight trading, the Sept. corn futures contract traded 4 cents lower at $5.34 per bushel. Dec. corn futures traded 6 cents lower at $4.96 per bushel. Aug. soybean futures traded 5 cents lower at $14.72, while the Nov. soybean futures traded 8 cents lower at $12.75. The Sept. wheat futures contract traded 1 cent higher at $6.66. For Dec. soybean meal futures, the contract traded $5.20 per short ton lower at $380.80; Dec. soybean oil futures traded 16 cents higher at $45.67.
The outside markets are unfavorable for Thursday's grain trade. The real factors driving the calls will be the mixed overnight markets.